The global data science platform market is expected to
New York, USA, December 20, 2021 (GLOBE NEWSWIRE) – According to a report published by Research Dive, the global data science platform market is expected to generate a turnover of $ 224.3 billion and increase at a CAGR of 31.1% over the estimated period of 2019-2026.
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According to our analysts, with the increasing adoption of data analysis tools for making predictive decisions and for creating, controlling and evaluating data, the market is expected to experience significant growth during the period of analysis. In addition, the increasing possibilities of these tools to provide insight into the imperceptible purchasing habits of consumers are expected to foster the growth of the Data Science Platforms market during the forecast period. Moreover, the increasing adoption of data science platforms in emerging markets is further expected to create huge growth opportunities for the market during the analysis period. However, lack of domain expertise and data breach may hamper the growth of the market over the estimated period.
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Data Science Platform Market Segments
The report has divided the Data Science Platform market into segments based on type, end use, and region.
Type: Most productive service type sub-segment
The types of services sub-segment is expected to generate revenues of $ 76.0 billion during the forecast period. This is mainly because the type of service helps predict customer demand, which further helps in improving customer satisfaction. Moreover, the increasing complexity in the operational field and the increasing use of business intelligence tools are further expected to drive the growth of the Data Science Platforms market sub-segment during the forecast period.
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End Use: Banking, Financial Services and Insurance sub-segment to be the most productive
The banking, financial and insurance services sub-segment is expected to grow at a CAGR of 29.4% over the estimated period. This is mainly due to the fact that data science in banking, financial services and insurance industry helps provide a better experience for their customers. In addition, the ability to detect fraud in banking and financial services and help policymakers to make decisions and strategize is expected to drive the growth of the Data Science Platforms market sub-segment over the course of the analysis period.
Region: North America region expected to have vast growth opportunities
The North America region is expected to generate sales of $ 80.3 billion over the analysis period. The growing demand for Internet of Things (IoT) and cloud implementation in data science tools for data recovery and management is further expected to boost the market growth during the estimated period.
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Key Players in the Data Science Platform Market
1. Civis Analytics
2. Domino Data Lab Inc.
3. Data bricks
4. Microsoft Corporation
6. Alphabet Inc. (Google)
7. Cloudera Inc.
8. Anaconda inc.
9. Altair Engineering Inc.
10. IBM Company
These players are working to develop new business strategies and tactics to gain leadership positions in the global industry.
For example, in September 2021, Octo, one of the leading IT service management companies including IoT-based services, unveiled its partnership with Dataiku, an artificial intelligence and machine learning company. Through this partnership, Octo is able to collaborate with its clients to provide effective solutions in various industries such as defense, finance, healthcare and many more.
In addition, the report also introduces various aspects including SWOT analysis, financial performance of major players, product portfolio and latest strategic developments. Click here for the Top Business Development Strategies Summary Report.
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